Calculate the purchasing power of $80,000 in 15 years using an annual inflation rate of 6%. Round to the nearest cent.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 29P
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Calculate the purchasing power of $80,000 in 15 years using an annual inflation rate of 6%. Round to the nearest cent.
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